FPG owners to hand over conglomerate’s management

Taipei--The Wang family, the founders of conglomerate Formosa Plastics Group (FPG, ??), is planning to withdraw from the group's management team in June to focus on the business empire's ownership.

Wang Wen-yuan (???), president of FPG, said in a news conference on Thursday that he and three other family members will leave the group's executive center next month, while the group will hire professional managers to run the day-to-day operations of the group.

Wang Wen-yuan, who is 69 years old, said that the executive center will be run by professional managers from the five major subsidiaries, but added that in a transition period, he will remain head of the executive center to make sure the center can operate smoothly.

The executive center kicked off in July 2001 to run a five-member commission to oversee the group's operations and the commission expanded to seven members in 2006 and to nine in 2011.

Although Wang and the other three family members will withdraw from the executive center and hand over the group's day-to- day operations, they will form another committee to supervise major investments in the group, Wang Jui-yu said.

She said that any investment worth more than NT$3 billion (US$99.34 million) will need approval from the committee.

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